Vertical Storage Tank Market Size, Share & Trends Analysis Report By API Standard (API 12F, API 650), By End-use (Upstream, Midstream),By Type, By Location, By Application (Crude Oil Storage, Refined Product Storage), By Region, And Segment Forecasts, 202

Vertical Storage Tank Market Growth & Trends

The global vertical storage tank market size is projected to reach USD 4.88 billion by 2030, expanding at a CAGR of 6.7% during the forecast period, according to a new report by Grand View Research, Inc. The market is witnessing strong growth driven by rising demand across industries such as oil & gas, chemicals, water treatment, agriculture, and food & beverages. As global energy demand surges and industrial expansion accelerates, vertical storage tanks are increasingly vital for safely and efficiently storing liquids and chemicals under strict regulatory compliance. These tanks are particularly crucial in environments that require high-capacity, corrosion-resistant, and space-efficient storage solutions.

The growing focus on safety standards and environmental regulations pushes companies to adopt tanks that meet API 650, API 620, and API 12F standards. Modern vertical storage tanks are engineered using advanced materials such as fiberglass and stainless steel, offering enhanced durability, reduced maintenance, and improved longevity. These tanks are also integrated with smart monitoring systems using IoT technology to track liquid levels, temperature, and structural health in real time, improving operational efficiency and safety.

Refined product storage holds the largest share in the vertical storage tank application segment, driven by increasing fuel storage needs across the midstream oil & gas sector and growing demand from transportation and logistics industries. These tanks offer a scalable and safe way to store gasoline, diesel, jet fuel, and other refined products. The segment is expected to maintain steady growth with the rise in downstream refining capacity and bulk fuel distribution. Meanwhile, crude oil and chemical storage applications are expanding as upstream and processing facilities require reliable containment systems for volatile or hazardous materials.

The market is further driven by the midstream segment, which accounts for the largest share by end use, due to the growing need for interim storage and distribution of oil, gas, and refined products. As pipeline infrastructure expands and transportation networks modernize, the demand for robust vertical tank systems grows. Downstream facilities also invest in advanced storage solutions to support refining and blending operations, while upstream applications require tank systems for drilling fluids and crude reserves.

Overall, the market is supported by rising infrastructure investments, stricter environmental and safety requirements, and innovations in materials and tank design. Industries increasingly recognize the importance of compliant and efficient storage systems that meet operational needs and align with sustainability goals. As demand for secure, scalable storage rises, vertical storage tanks are poised to play a critical role across energy, chemical, and industrial supply chains.

Vertical Storage Tank Market Report Highlights

• In the market, the 501 to 700 barrels segment accounted for the largest revenue share in 2024. This capacity range balances volume efficiency and space optimization, making it ideal for oil & gas storage terminals, chemical plants, and water treatment facilities. The segment’s popularity is driven by its versatility in handling various liquids-crude oil, refined fuels, industrial chemicals, and water-across upstream, midstream, and downstream operations.
• The refined product storage segment dominated the application landscape in 2024, reflecting the growing need for secure and compliant fuel storage such as diesel, gasoline, and aviation. As global fuel consumption rises and transportation infrastructure expands, demand for bulk storage tanks increases, particularly in developing economies. These tanks are engineered for long-term durability, regulatory compliance, and adaptability to fluctuating demand, making them a critical component of energy and logistics networks.
• Asia Pacific is projected to register the fastest market growth rate over the forecast period. The region’s industrial expansion, increasing oil and chemical trade, and significant investments in energy infrastructure-especially in China, India, and Southeast Asia are key growth drivers. Rising demand for water conservation, stricter environmental regulations, and the adoption of smart tank technologies are further fueling regional market development.
• Key industry participants include AGI Westeel, CST Industries, Highland Tank, Superior Tank Co., Inc., and PermianLide. These companies are enhancing their product portfolios by developing advanced, corrosion-resistant materials, modular tank systems, and real-time monitoring technologies. Their strategic focus on manufacturing efficiency, safety compliance, and environmentally conscious solutions aligns with global trends toward sustainable and scalable liquid storage infrastructure.